Chinks in the EU Clouds

The Dutch Nee – at Moneyweek.co.uk - the best of the week's international financial media.

The European Union, following two nasty referendum defeats in just three days, is undoubtedly facing a political crisis, says Edward Hadas on Breakingviews.com. But is it facing a financial one too?

Indeed, markets are slightly volatile at the moment. The euro, for example, shed 1% against the dollar following rumours that Germany's finance minister had been part of a conversation that condemned the currency as a "failure". The euro may have made up some ground since then, but the move still shows that the markets are not only "febrile"; they're also overreactingA euro-break up however is unlikely, particularly as it is one of the few EU initiatives that is actually popular. Only 30% of Dutch voters longed for the return of the guilder.

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